Maine has created a new automatic investment program for employees of companies doing business in Maine, the Maine Retirement Investment Trust (MERIT). THE REGISTRATION DEADLINE IS AS EARLY AS APRIL 30, 2024. Maine employers with more than 15 employees must register for MERIT by April 30, 2024, while employers with between 5 – 14 employees will need to register for MERIT by June 30, 2024. For general information, see https://meritsaves.org/. There is a FAQ for employers available here: https://meritsaves.com/faqs/employer. Supposedly, all employers that are required to sign up will be notified by MERIT when it’s time to register. You will need the following information to register your business: Federal Employer Identification Number (EIN) and the MERIT access code that is included in your notice. You can also request an access code online if you did not receive notice and believe your entity is required to register here: https://meritsaves.com/employers/program-details. Under Maine law, Maine employers will be required to offer their employees some sort of retirement savings. This can be a traditional pension, a 401(k) plan, a 403(b) plan, a SEP Plan, a SIMPLE IRA plan, a governmental deferred compensation plan — or an account from MERIT. The plan essentially sets up an automatic payroll deduction to go into a Roth IRA account for each employee (with automatic increases if the employee does not take active steps to prevent that). The program will require employers to regularly provide payroll information to the state and integrate their payroll with MERIT. Employers do not contribute to employee savings. The MERIT program applies only to employers with 5 or more employees who don’t already offer their own qualified retirement savings plan (and who have been in business two years or longer). An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA plan under section 408(p), or governmental deferred compensation plan under section 457(b). It does not include payroll deduction IRAs. If your entity has five or more employees and offers a qualified plan, you will still need to certify your exemption. You can begin the registration process here: https://meritsaves.vestwell.com/register/employer.